- Cardano overtakes the top crypto in the market.
- ADA records a price surge of +4.9% in the past 24-hour.
- Cardano may reach the skyrocketing price of $8.
Cardano is now on the rise once again as it successfully overtakes the top crypto in the market. In detail, Cardano is able to record a price surge of +4.9% in the past 24-hour period leaving SOL, ETH and BNB behind. This aggressive movement of ADA allows it to attract a huge number of traders into the market. Hence, surging its 24-hour volume to nearly $1.6 billion, a proof that Cardano remains one of the most favorite cryptos by many.
Source: CoinGecko
The nearing tech upgrade of the network is one reason to consider the recent price boost of ADA. Although there are still some that are pessimistic about the upgrade, many still support the project. In fact, as of the first quarter of 2022, there are approximately 3,200,000 Cardano wallets. This performance that the network created enables it to record a +1600% increased rate from the year 2020.
Source: TradingView
As seen on the chart above, Cardano is nearing to hit its resistance level of $1 which is +17% away from its current price. At the time of writing, ADA trades at a decent price of $.85. If this performance keeps on, the price of the crypto may smash $1 anytime soon. Furthermore, there are also other analysts in the space that forecasted the network’s price to reach the skyrocketing price of $8.
On the other hand, the whole market cap of the space is now up to nearly +2%. This is an indicator that the market is slowly but surely recovering from its bearish dip in the past weeks. So, is now the right time to buy or not? The choice is yours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.